“The Sarbanes-Oxley Act signed by George W. Bush in 2002 and the Dodd-Frank Act enacted by Barack Obama in 2010 actively hinder the establishment of new private companies and erect hurdles for the expansion of already existing public companies. The Dodd-Frank Act comprises 2300 pages and has produced 22000 pages of implementation regulations, many of which aim to punish risk-taking and reward hesitant behavior, thereby turning the traditional incentives that lead to economic growth upside down (…). But today’s regulatory thicket causes pointless transaction costs that only serve the interests of lawyers who want to drive up their fees, and officials at the federal, state, and local level who want to protect their fiefdoms.”
– Gregg Easterbrook, “Why the World Just Doesn’t Go Under – Seven End Time Scenarios and How We Can Avert Them”, Piper Publishing
